Santander signs a reinsurance agreement with abbey life assurance ltd, a unit of deutsche bank ag, for its life risk insurance portfolio in spain and portugal
Santander signs a reinsurance agreement with Abbey Life Assurance Ltd, a unit of Deutsche Bank AG, for its life risk insurance portfolio in Spain and Portugal
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Santander signs a reinsurance agreement with abbey life assurance ltd, a unit of deutsche bank ag, for its life risk insurance portfolio in spain and portugal
1. Press Release
Santander signs a reinsurance agreement with
Abbey Life Assurance Ltd, a unit of Deutsche Bank
AG, for its life risk insurance portfolio
in Spain and Portugal
The agreement monetizes Santander's life risk insurance portfolio in Spain and
Portugal, resulting in a pre-tax capital gain for Santander of EUR 490 million.
Madrid, July 19, 2012 – Grupo Santander has reached an agreement with Abbey Life
Assurance Ltd, subsidiary of Deutsche Bank AG, under which Abbey Life Assurance Ltd will
reinsure 100% of the individual life risk portfolio of the insurance companies of Banco
Santander in Spain and Portugal.
This reinsurance transaction is unique in the Spanish and Portuguese insurance markets and
will enable Santander to monetize its life risk insurance portfolio, generating an extraordinary
result of EUR 337 million after tax.
The policies ceded to Abbey Life Assurance Ltd consist of the portfolio as of June 30, 2012.
This reinsurance agreement does not involve any changes for Santander customers as
services will continue to be provided by Santander’s insurance companies.
Grupo Santander will continue to offer through its branches in Spain and Portugal products
designed by its insurance companies as the agreement reached with Abbey Life Assurance
Ltd does not involve any commitment on future distribution and is limited to the portfolio
existing at June 30.
Grupo Santander will use the pre-tax extraordinary capital gain of EUR 490 million to partially
cover provisions which will be charged to the period ended June 30, in line with the royal
decrees of February and May regarding provisioning of real estate assets in Spain .
1
Comunicación Externa.
Ciudad Grupo Santander Edificio Arrecife Pl. 2
28660 Boadilla del Monte (Madrid) Telf.: 34 91 289 52 11
email: comunicacionbancosantander@gruposantander.com
Calle, número, 00000 Municipio. Tel. 00 000 000. Fax. 00 000 000. e-mail